Several Questions about Foreclosure Auctions

Foreclosures, Short Sales, Tax Foreclosures
1

Hi,

Just went to a foreclosure auction at the courthouse. It was very interesting. I have several questions.

  1. Why do bidders sometimes bid so much more than the minimum bid? IE: If the min. bid is $10,000, I heard someone bid $94,000.

  2. Why do people bid seemingly obscure amounts, for example, $83,217.28?

  3. Who are the people that buy 50-100 properties? I can’t imagine a property flipper gathering up 5-10 million per week on property. Maybe those people could work for the banks trying to drive the price up?

  4. I noticed after each bid, the bidders turned in what looked like a signed sheet of paper, already signed. What is this form?

  5. Why did some bidders leave a cash deposit on the spot and others did not leave anything (other than the paper)?

  6. Why did some bidders bid so much higher amounts than the previous bid? For example, if the bid was at $50,000 they would bid $60,000. Why not bid $50,001 or $50,100?

  7. Do you need to register before bidding?

Thanks for answering all of the questions!